Real Estate Investment Market in Minnesota (Bloomington and Rochester)

[John Smeltzer]

I'm looking to explore new markets and wondered about Minnesota.  Is Minnesota generally still a good market for real estate investing and more specifically, what about Bloomington and Rochester?  Would appreciate any insight current investors are willing to share.

[Bryon Andrews]

Hey John, I have done well in Minnesota as well as Western Wisconsin. I think an investor can be successful in almost any market depending on what/who they have for a team in that market to help them be successful. Reach out if you want to discuss more about Minnesota!

[Matt Humphrey]

Quote from @John Smeltzer:

I'm looking to explore new markets and wondered about Minnesota.  Is Minnesota generally still a good market for real estate investing and more specifically, what about Bloomington and Rochester?  Would appreciate any insight current investors are willing to share.

 Hey John, Rochester, MN has been a great market for investors in recent years. With the Mayo Clinic being the major draw, it has become a VERY transient market and a great place to have rentals. Feel free to send me a message directly if you have any questions about the area. 

Matt

[Tim Swierczek]

I have a few clients in both Rochester and Bloomington.  I see Rochester as a growth opportunity with population and new construction yet to peak. Bloomington is already built out and has very good rental demand. You might find Rochester as an easier market to find a deal worth doing, but in this market, you will likely be competing for a property with other investors in either city.

[Michael Houston]

@Tim Swierczek @Matt Humphrey @Bryon Andrews

Tim, Matt, and Bryon,

Are any of you familiar with the Austin, Minnesota area, regarding investment properties?  I see that homes and rents are on the lower end compared to the metro.  Is Austin, Minnesota a growing city? Is it easy to find renters in this area?

Thanks for any insight that you have.

[Bryon Andrews]

Quote from @Michael Houston:

@Tim Swierczek @Matt Humphrey @Bryon Andrews

Tim, Matt, and Bryon,

Are any of you familiar with the Austin, Minnesota area, regarding investment properties?  I see that homes and rents are on the lower end compared to the metro.  Is Austin, Minnesota a growing city? Is it easy to find renters in this area?

Thanks for any insight that you have.

 Hey Michael, I have some family down in the Adams, MN (They do all their shopping in Austin). I'll send you a message and we can chat about Austin.

[Tim Swierczek]

Quote from @Michael Houston:

@Tim Swierczek @Matt Humphrey @Bryon Andrews

Tim, Matt, and Bryon,

Are any of you familiar with the Austin, Minnesota area, regarding investment properties?  I see that homes and rents are on the lower end compared to the metro.  Is Austin, Minnesota a growing city? Is it easy to find renters in this area?

Thanks for any insight that you have.

 I do not have a good feel for the Austin market. Are you local to that market? I would look at the rents and determine if they are significant enough for long-term viability.  In most small towns, rental real estate deteriorates because the rent received does not justify remodeling. Repairs and remodeling tend to be marginally lower in small towns. Sometimes, it can be higher if there are not readily accessible supplies.  Rents, on the other hand, can be half.  If materials cost the same or more in a small town and labor is similar to slightly cheaper you have an environment that will lead to long-term deterioration.  Please reach out if you would like to chat more about it.